New Mexico ed fund gets record boost from royalty rates

After increasing the state’s royalty rate to 25% on some activities in the Permian Basin, New Mexico announced the largest total in revenue for its permanent fund and educational endowment.

The State Land Office said last week it had a record $56.4 million in revenue from its July oil and gas leases. The previous record was $43 million in the fall of 2018.

The Albuquerque Journal reported July was also the first month the Land Office could put the 25% royalty rate into effect; it had been 20% for several years.